S E Davis & Son Limited Filleted accounts for Companies House (small and micro)

S E Davis & Son Limited Filleted accounts for Companies House (small and micro)

S E DAVIS & SON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00943697
S E Davis & Son Limited
Filleted Financial Statements
30 November 2018
S E Davis & Son Limited
Financial Statements
Year ended 30 November 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
S E Davis & Son Limited
Statement of Financial Position
30 November 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
5
7,142,161
6,730,423
Investments
6
–
50
------------
------------
7,142,161
6,730,473
Current assets
Stocks
193,835
152,752
Debtors
7
3,010,036
2,358,225
Investments
8
50
–
Cash at bank and in hand
3,652,702
2,785,973
------------
------------
6,856,623
5,296,950
Creditors: amounts falling due within one year
9
1,946,576
1,643,211
------------
------------
Net current assets
4,910,047
3,653,739
-------------
-------------
Total assets less current liabilities
12,052,208
10,384,212
Provisions
Taxation including deferred tax
217,330
200,166
-------------
-------------
Net assets
11,834,878
10,184,046
-------------
-------------
Capital and reserves
Called up share capital
10
220
220
Fair value reserve - Non distributable
138,400
142,684
Profit and loss account
11,696,258
10,041,142
-------------
-------------
Shareholders funds
11,834,878
10,184,046
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
S E Davis & Son Limited
Statement of Financial Position (continued)
30 November 2018
These financial statements were approved by the board of directors and authorised for issue on 12 August 2019 , and are signed on behalf of the board by:
S T Davis C A Davis
Director Director
Company registration number: 00943697
S E Davis & Son Limited
Notes to the Financial Statements
Year ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sandhills Farm, Edgioake Lane, Astwood Bank, Redditch, Worcs, B96 6BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales of goods, hire of equipment and washing and recycling of aggregates, net of VAT and trade discounts. Turnover is recognised when goods or service is delivered to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets other than investment properties are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings
-
2%/3.33% straight line from date of purchase
Plant and Machinery
-
25% reducing balance from date of purchase
Motor Vehicles
-
25% reducing balance from date of purchase
Buildings under construction are not depreciated.
Investment properties
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. The directors who are not professionally qualified valuers, have considered the value of properties in the vicinity to ascertain the fair value of the investment properties.
Investments
Investments in joint ventures are accounted for at cost less impairment.
Research and development
Research and development expenditure is written off in the period in which it is incurred.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2017: 46 ).
5. Tangible assets
Buildings
Plant and machinery
Motor vehicles
Investment properties
Total
£
£
£
£
£
Cost or valuation
At 1 December 2017
315,212
12,353,073
913,076
1,455,000
15,036,361
Additions
121,455
1,579,890
356,197
358,269
2,415,811
Disposals
–
( 1,491,460)
( 131,514)
–
( 1,622,974)
Revaluations
–
–
–
( 3,269)
( 3,269)
---------
-------------
------------
------------
-------------
At 30 November 2018
436,667
12,441,503
1,137,759
1,810,000
15,825,929
---------
-------------
------------
------------
-------------
Depreciation
At 1 December 2017
83,322
7,532,394
690,222
–
8,305,938
Charge for the year
6,812
1,239,111
83,158
–
1,329,081
Disposals
–
( 845,212)
( 106,039)
–
( 951,251)
---------
-------------
------------
------------
-------------
At 30 November 2018
90,134
7,926,293
667,341
–
8,683,768
---------
-------------
------------
------------
-------------
Carrying amount
At 30 November 2018
346,533
4,515,210
470,418
1,810,000
7,142,161
---------
-------------
------------
------------
-------------
At 30 November 2017
231,890
4,820,679
222,854
1,455,000
6,730,423
---------
-------------
------------
------------
-------------
Investment properties have been valued at the balance sheet dates by the directors.
6. Investments
Shares in participating interests
£
Cost
At 1 December 2017
50
Transfers
( 50)
----
At 30 November 2018
–
----
Impairment
At 1 December 2017 and 30 November 2018
–
----
Carrying amount
At 30 November 2018
–
----
At 30 November 2017
50
----
7. Debtors
2018
2017
£
£
Trade debtors
1,727,028
1,445,191
Amounts owed by group undertakings and undertakings in which the company has a participating interest
333,316
224,070
Other debtors
949,692
688,964
------------
------------
3,010,036
2,358,225
------------
------------
The debtors above include the following amounts falling due after more than one year:
2018
2017
£
£
Other debtors
129,986
79,837
---------
--------
8. Investments
2018
2017
£
£
Other investments
50
–
----
----
9. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
67,487
123,816
Trade creditors
826,201
582,213
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,932
–
Social security and other taxes
531,686
486,763
Other creditors
519,270
450,419
------------
------------
1,946,576
1,643,211
------------
------------
Other creditors include a loan of £90,000 (2017 - £90,000) which is secured by a floating charge over the company's assets and hire purchase creditors of £56,521 (2017 - £Nil) which are secured on the asset concerned.
10. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary - Non Voting Redeemable shares of £ 1 each
120
120
120
120
----
----
----
----
220
220
220
220
----
----
----
----
11. Other financial commitments
The company had total commitments at the balance sheet date of £ 873,957 (2017 - £ 64,459 ).
12. Summary audit opinion
The auditor's report for the year dated 13 August 2019 was unqualified.
The senior statutory auditor was Michael Holder , for and on behalf of Rigbey Harrison .
13. Directors' advances, credits and guarantees
Advances to directors at the start of the year were £ 386,450 . Further advances of £ 95,380 and repayments of £ 11,759 were made during the year. The balance at the year end was £ 470,071 and is included in other debtors. The loans are repayable on demand and interest is payable at HMRC's official rate.